Hydraulic Turbines Market to exceed US$ 1.2 Billion by 2027 Globally | CAGR: 2.6% | UnivDatos Market Insights
NOIDA, India, April 11, 2022 /PRNewswire/ -- A comprehensive overview of the Hydraulic Turbines market is recently added by UnivDatos Market Insights to its humongous database. The Hydraulic Turbines market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Hydraulic Turbines market. The Hydraulic Turbines market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the Hydraulic Turbines market at the global and regional levels. The hydraulic Turbines market is expected to grow at a CAGR of 2.6% from 2021-2027 to exceed US$ 1.2 billion by 2027.
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Market Overview
Hydropower is by far the most used renewable energy in comparison to other sources. The usage of hydropower has also grown over the years. Compared to 2010, when the generation of renewable energy was 3436 terawatt-hours, the amount of renewable energy generated in 2020 has increased to 4297 terawatt-hours. Hydroelectric power is one of the oldest and largest low-carbon energy sources. Hydroelectric generation dates back more than a century and is still our largest renewable source, excluding traditional biomass, and today it still accounts for more than 60% of renewable generation. The scale of hydroelectric power generation varies significantly across the world. As of 2018, 1126 GW of installed hydropower energy had been installed around the world. According to powertechnology.com, hydropower of predicted to grow by 125 GW by 2023.
COVID-19 Impact
Due to the unprecedented constraints during the Covid-19 pandemic on social and economic activity and particularly on mobility, there have been severe impacts on energy use. The energy demand is expected to decrease by 6% in 2020 which is the largest drop in 70 years according to IEA. Additionally, there was expected to be an 8% decline in CO2 emissions in 2020, falling to their lowest level since 2010. This drop is also because of the slight increase in the usage of renewable energy sources in recent years. However, the reopening of lockdowns is expected to drastically increase the usage of electricity, and because of the increasing awareness about renewable energy sources, the use of renewable energy after the opening of lockdowns is also expected to grow.
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Hydraulic Turbines market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
By Technology, the market is primarily segmented into
- Impulse Turbine
- Reaction Turbine
Based on Technology, the hydraulic turbines market is segmented into Impulse Turbine and Reaction Turbine. Amongst technology, the Reaction Turbine segment of the market was valued at US$ 0.912 billion in 2020 and is likely to reach US$ 1.107 billion by 2027 growing at a CAGR of 2.7% from 2021-2027.
By Capacity, the market is primarily segmented into
- Less Than 1000 kW
- Between 1000 - 10000 kW
- More Than 10000 kW
Based on capacity, the hydraulic turbines market is segmented into Less Than 1 MW, 1-10 MW, and above 10 MW. Amongst capacity, the above 10 MW segment accounted for a market valuation of US$ 0.918 billion in 2020 and is expected to reach US$ 1.108 billion by the year 2027, at a CAGR of 2.6% over the analyzed period.
Hydraulic Turbines Market Geographical Segmentation Includes:
- North America
- Europe
- Asia-Pacific
- South America
- MEA
Based on the estimation, the Asia Pacific region dominated the Hydraulic Turbines market with almost 43% revenue share in 2020 and saw a CAGR of 3.1% in the forecast period due to increasing industrialization and power utilization.
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The major players targeting the market include
- Voith GmbH & Co. KGaA
- Andritz AG
- General Electric Company
- American hydro
- Canyon Hydro
- Harbin Electric Machinery Co. Ltd.
- Dongfang Electric Co. Ltd.
- Litostroj
- Hitachi Mitsubishi Hydro Corporation
- Toshiba
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analysing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Hydraulic Turbines market. The leading players have been analysed by using research methodologies for getting insight views on global competition.
Key questions resolved through this analytical market research report include:
- What are the latest trends, new patterns, and technological advancements in the Hydraulic Turbines market?
- Which factors are influencing the Hydraulic Turbines market over the forecast period?
- What are the global challenges, threats, and risks in the Hydraulic Turbines market?
- Which factors are propelling and restraining the Hydraulic Turbines market?
- What are the demanding global regions of the Hydraulic Turbines market?
- What will be the global market size in the upcoming years?
- What are the crucial market acquisition strategies and policies applied by global companies?
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About UnivDatos Market Insights
UnivDatos Market Insights (UMI) is a passionate market research firm and a subsidiary of Universal Data Solutions. We believe in delivering insights through Market Intelligence Reports, Customized Business Research, and Primary Research. Our research studies are spread across topics across the world, we cover markets in over 100 countries using smart research techniques and agile methodologies. We offer in-depth studies, detailed analysis, and customized reports that help shape winning business strategies for our clients.
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